I know the title may sound counter intuitive, possibly even click-baity, but allow me to explain myself so that you understand where i’m coming from. If you go back to your econ days where you discussed the concept of economies of scale, you’ll recall that everyone has “specializations” whether it’s for a product or service.

If you’re “specialized” you essentially are skilled enough in a service, as an example, where you can perform that service better than you can perform other services. The premise would be that you trade your knowledge and expertise in one area you are good at for another service you aren’t as skilled in. The same holds true for products you sell, if you can acquire the material at a lower cost (and make a higher ROI) then you’re better off selling those products than others where you don’t get the same ROI (maybe even negative ROI).

So where am I going with this? The point i’m trying to get across is that the next time you have a rather larger project you need to get done around the house, you need to analyze if it’s really “worth” you taking on the project. I’m not talking about the cost of the project, more so the value. I recently encountered someone who tried to put up new drywall throughout his new basement, but it was a project that was a bit over his head.

What ended up happening? The project took much longer than he anticipated, it was severely over budget, it turned out looking very amateurish, and caused strain between he and his wife. Not only that, but had he stuck to his core competencies, he could have made much more money doing that than it would have cost him to hire a local drywall contractor. At least he would have paid less in material and the finished project would have turned out very professional looking. Not only that, but he ended up buying several tools that added to his overall cost and now they are just sitting in his garage.

When thinking about outsourcing, you need to weigh out the risk vs. reward as well. For example, are you willing to climb up to the roof of your house to do some chimney repair? Are you skilled enough now to fall off the roof and break your neck? Do you have the proper safety equipment to avoid this? If you’re using power tools, do you know how to properly use them without injuring yourself? Often times we feel like we’re invincible, but I promise that a saw doesn’t know the difference between chimney bricks or your finger – either way it’s cutting through it!

Whenever there is a project that needs to be done around the house, I always ask myself if it’s “worth” it for me to do it, or if it’s better off being outsourced to a professional. Can I make more money elsewhere or not? You’re the best judge of your own skill sets but being honest with yourself will get you far. If you’re better off doing the project yourself, great! Pull up your sleeves and get started, but if not, hiring a local professional is your better return on investment.